Recapping the latest mortgage news over the past few weeks
I hope everyone enjoyed a relaxing Thanksgiving weekend with family and friends. I did the same, so there won’t be a new post this week.
I’ll check back next Monday with my prediction of what the Bank of Canada (BOC) has in store for us at its meeting on October 23, 2024.
In the meantime, here are links to three of my most popular recent posts:
The current upswing in bond yields provided a reminder of why they are so difficult to forecast. This post explains why they are rising and outlines the implications for our fixed mortgage rates.
This post details Canadian inflation’s return to 2%, the US Federal Reserve’s 0.50% rate cut, and our federal government’s announcement of several new mortgage-rule changes.
This post details a recent change that was (finally) made to our mortgage stress-test rules and explains how it will help renewing mortgage borrowers access better rates.
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The Bottom Line: Government of Canada bond yields dropped a little last week, but fixed mortgage rates still moved higher in response to the previous bond-yield run up. This morning’s release of our latest Consumer Price Index, for September, will determine where they go from here.
Variable mortgage rates are still likely to head lower, but a stronger-than-expected employment report and concerns about spiking oil prices may cause the BoC to slow the pace of its cuts.
Image credit: iStock/Getty Image
David Larock is an independent full-time mortgage broker and industry insider who works with Canadian borrowers from coast to coast. David's posts appear on Mondays on this blog, Move Smartly, and on his blog, Integrated Mortgage Planners/blog.
October 15, 2024
Mortgage |